The Anderson family, which currently has a 53% stake in Books-A-Million, has made a non-binding proposal to take the company private, Reuters reported, adding that the offer of $3.05 per share in cash for the book retail chain represents "a premium of 20% to Friday's closing.... The offer values Books-A-Million at about $48.8 million."
In March, Terrance Finley replaced Clyde Anderson as CEO, though Anderson retained his position as chairman. According to Reuters, Anderson "anticipates the acquisition would be in the form of a merger of Books-A-Million with a newly formed acquisition vehicle that the Anderson family would control." The transaction would be financed through loans available under the BAM's existing credit line, "and is conditioned on availability of sufficient funds under the credit line," Reuters wrote. Anderson expects the board to establish a special committee of independent directors to review the proposal.
